THE KOSTYUK REPORT: CORPORATE BOARD PRACTICES IN UKRAINE

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Alexander N. Kostyuk

DOI:10.22495/cbv1i1art2

Abstract

The author reports on the corporate board practices in Ukraine. The roles of board of directors are mainly about control. The strategic and advisory roles are not developed. The mode of strategic involvement of the members of supervisory boards in Ukraine is mainly about reviewing and approving. Thus, the board of directors in Ukraine is "a rubber stamp". The degree of independence of directors is very low. Major board practices in Ukraine are: small number of independent directors on the board; low frequency of meeting of the board; small number of committees on the board; the management board influences the supervisory board. Board practices in Ukraine need a sort of recommendations, similar to those, made in UK at the end of 1990s, and at the start of the third millennium.

Keywords: board of directors, executive directors, committees, chairmanship, independence

How to cite this paper: Kostyuk, A. N. (2005). The Kostyuk report: Corporate board practices in Ukraine. Corporate Board: role, duties and composition, 1(1), 18-27. http://doi.org/10.22495/cbv1i1art2